Under-fire fund manager ditches stake in Derbyshire manufacturer

Neil Woodford

An under-fire fund manager has sold his company’s entire 16% stake in a listed Alfreton windows and doors business afer the firm revealed flat profits and a doubling of its debt.

Neil Woodford, who owns Woodford Investment Management, ditched the stock late last week, according to The Telegraph, after Eurocell blamed Brexit, lease payments and rising capital expenditure for its debts soaring by 55% to £36.7m.

Eurocell floated in 2015 and its shares are currently trading around 200p each, valuing the business at around the £200m mark.

Woodford has come under press to sell assets to improve cash stocks at his firm. He blocked investors from accessing their money in his firm’s flagship fund at the beginning of June after failing to meet redemption requests. Investors were informed last week that the situation will continue until December.

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